LAWRENCEVILLE, GA. — Emma Capital Investments Inc. has purchased 3400 Club Apartments, a 300-unit, garden-style apartment community located at 3400 Club Lake Parkway in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Emma Capital acquired the asset for $25.7 million. Built in 1984, 3400 Club features six different floor plans averaging 1,140 square feet. Community amenities include a swimming pool and tennis court. Emma Capital plans to renovate the interiors of a majority of the units, as well as expand tenant amenities with features such as outdoor fitness equipment and enhancements to the clubhouse. This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to more than $300 million and over 4,500 apartment units.
DURHAM, N.C. — Gemini Rosemont LLC, a Santa Fe, N.M.-based office real estate investment firm, has purchased SouthCourt, a six-story office building in Durham. The sales price was undisclosed, but the Triangle Business Journal reports that Gemini Rosemont acquired the 131,976-square-foot building for $17.5 million. Torchlight Investors sold the property, which is anchored by Blue Cross Blue Shield of North Carolina’s headquarters. SouthCourt features ground-floor retail space, a fitness center and a salon, and the property is within walking distance of The Fresh Market, Starbucks Coffee, Super Target and Mi Peru. Scot Humphrey and Ryan Clutter of HFF brokered the transaction. Trinity Partners, under the direction of Gemini Rosemont’s Tine Renee McCall, will handle leasing responsibilities and property management services at SouthCourt.
ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.
WESTON, FLA. — Cushman & Wakefield has arranged the sale of Weston Commerce Park, a 134,400-square-foot warehouse and distribution building located at 1951 N. Commerce Parkway in Weston. The sales price was undisclosed, but Broward County records show the asset sold for $14.3 million. Mike Davis, Rick Brugge, Michael Lerner and Christopher Metzger of Cushman & Wakefield represented the seller, Founders Properties, in the transaction. The buyer was EastGroup Properties. Situated on an eight-acre parcel, the rear-load Weston Commerce Park features 30-foot clear heights, an ESFR sprinkler system, T5 lighting, 40- by 40-foot column spacing and a 118-foot truck court.
WEST PALM BEACH, FLA. — Concord Hospitality Enterprises Co. plans to open a new hotel under the Marriott Autograph Collection brand at the former City Hall site in West Palm Beach. The 200-room hotel will anchor the $135 million redevelopment of the three-acre site. Navarro Lowrey Properties is the master developer of the redevelopment, which will include 27,000 square feet of retail space, up to 7,000 square feet of restaurant and outdoor dining space, 255 multifamily residences and a public park. The new hotel will overlook the Intracoastal Waterway and Palm Beach and offer views of the Atlantic Ocean. Concord Hospitality plans to break ground on the hotel in 2017.
BATON ROUGE, LA. — Blueprint Healthcare Real Estate Advisors has brokered the $11.5 million sale of Oakwood Village, a 77-unit independent living, assisted living and memory care community in Baton Rouge. Blueprint represented the seller, a regional owner-operator divesting its only seniors housing asset. The buyer was a subsidiary of Florida-based specialty insurer Fortegra Financial Corp., an affiliate of Tiptree Financial Inc. New York City-based Care Investment Trust LLC will serve as asset manager of Oakwood Village, and Traditions Senior Management of Clearwater, Fla., will provide management services. Jacob Gehl was the lead Blueprint advisor on the transaction, supported by Michael Segal. Clint Parker and Jeremy Joiner from Brown Gibbons Lang & Co. Real Estate Partners assisted in the transaction.
BARBOURSVILLE, W.VA. — Field & Stream, an outdoors specialty store owned and operated by Dick’s Sporting Goods, plans to open a new store in Huntington Mall in Barboursville. The new store will be situated adjacent to an existing Dick’s Sporting Goods and together the two retailers will occupy 100,000 square feet on the west side of the 1.5 million-square-foot mall, which is located off Route 60 and I-64. Niles, Ohio-based Cafaro Co. owns the mall and inked the lease for the new Field & Stream, which is slated to open in the fall of 2017.
JACKSONVILLE, FLA. — Eastern Union Funding arranged a $10.6 million acquisition loan for Southwind Townhomes, a 184-unit apartment community in Jacksonville. Ira Zlotowitz and Marc Belsky of Eastern Union Funding arranged the two-year loan with an 85 percent loan-to-cost ratio through Ladder Capital on behalf of the borrower, Blue Rock Partners LLC. The loan features an interest rate of 5.25 percent over LIBOR.
ATLANTA — Legacy Ventures has completed Phase I of the $9 million renovation underway at the Embassy Suites Atlanta by Hilton at Centennial Olympic Park, a 321-room hotel in downtown Atlanta. Phase I of the renovations included an upgrade of all suites, including new case goods, window treatments, lighting, artwork, wall coverings and new bathroom tile and mirrors. The corridors also received new carpet, wall covering, paint and lighting, and the lobby and atrium received new furniture. Additionally, the hotel’s restaurant, Ruth’s Chris Steak House, was updated with a reconfigured bar with more seating, and a new Starbucks Coffee was built at the hotel. Phase II, which will focus on upgrading the hotel’s meeting and pre-function rooms, is slated to begin later this year and will include new carpet, paint, lighting and wall coverings, as well as a new bar in the atrium. Legacy Ventures developed and manages the hotel, which opened in June 1999 as the first new-build hotel in downtown Atlanta in 15 years. Situated adjacent to Centennial Olympic Park, the hotel is within walking distance of the Georgia World Congress Center, the Georgia Aquarium, the World of Coca Cola Museum, the CNN Center, the College Football Hall …
ORLANDO, FLA. — Megastron Development LLC has broken ground on Kirkman Point II, a Class A, 134,000-square-foot office building located at the intersection of International Drive and Kirkman Road in south Orlando. The building is the second phase of development for Kirkman Point, an office park that will consist of four Class A office buildings and two parking decks upon completion. Megastron Development has selected Jay Dixon and Tom Rich of CBRE as the leasing agents for the entire Kirkman Point development. Megastron plans to deliver Kirkman Point II in the fourth quarter of 2017.